POINT RICHMOND, Calif., June 26, 2012 /PRNewswire/ -- Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT), a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience, announced today that Leone Patterson joined Transcept, effective June 25, 2012, and will serve as Vice President and Chief Financial Officer. Ms. Patterson will have primary responsibility for all finance functions at Transcept. She succeeds Thomas Soloway, who was promoted to Executive Vice President and Chief Operating Officer in April 2012.

"Leone brings to Transcept a broad background in business planning and financial management," noted Glenn A. Oclassen, President and Chief Executive Officer. "She is an important addition to our executive team and we look forward to her contributions as Transcept pursues its goal to become a specialty pharmaceutical company focused on the field of neuroscience."

Ms. Patterson, 49, has more than 20 years of finance and accounting experience. Prior to joining Transcept, Ms. Patterson was Vice President, Corporate Controller, at Net App, a publicly held data storage company. From 2007 to 2010, she was Vice President of Finance at Exelixis, a publicly held biotechnology company focused on the development of cancer therapies. Prior to that, Ms. Patterson was Vice President, Global Business Planning Analysis at Novartis AG where she oversaw the business planning and analysis function for the Vaccines and Diagnostics Division. From 1999 to 2006, she held several positions, including Vice President, Corporate Controller, at Chiron Corporation, a multinational publicly held biotechnology company acquired by Novartis in 2006. Prior to that, Ms. Patterson spent 10 years in the audit practice of accounting firm KPMG. Ms. Patterson received a B.S. in Business Administration and Accounting from Chapman University and an Executive M.B.A. from St. Mary's College. She is a certified public accountant.

About Transcept Pharmaceuticals
Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address therapeutic needs in the field of neuroscience. Intermezzo® (zolpidem tartrate) sublingual tablet C-IV is the first FDA approved Transcept product. Purdue Pharma holds commercialization and development rights for Intermezzo in the United States. Transcept is currently conducting a Phase 2 study of an investigational product, TO-2061, in patients with obsessive-compulsive disorder. For further information about Transcept, please visit www.transcept.com. For information about Intermezzo, please visit www.intermezzorx.com.

Forward looking statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenues, projected expenses, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to the following: our plan to become a specialty pharmaceutical company focused on the field of neuroscience. Transcept may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Transcept makes, including the following: achieving acceptance of Intermezzo by physicians, patients and third party payors; supplying sufficient quantities of Intermezzo from third party manufacturers and suppliers to meet anticipated market demand; the impact of competitive products and the market for Intermezzo generally; our dependence on our collaboration with Purdue Pharma; obtaining, maintaining and protecting regulatory exclusivity and intellectual property protection for Intermezzo; the availability of additional pharmaceutical products for acquisition or in-licensing; and the ability of Transcept to obtain additional funding, if needed, to support its business activities. These and other risks are described in greater detail in the "Risk Factors" section of the Transcept quarterly report on Form 10-Q filed with the SEC on May 15, 2012. Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments Transcept may enter into or make. Transcept does not assume any obligation to update any forward-looking statements, except as required by law.